Bubble Wrap
Entry
Last day for WTC site deal
In Ground Zero Talks Approach the Deadline, the NY Times reports that there is still no agreement on a reconfiguration of the deal between Silverstein and the Port Authority.
Pataki had set today as the deadline for an agreement.
The shortfall, the debate over the pace of rebuilding and the role of Mr. Silverstein have deepened a sense of uncertainty over the future of Lower Manhattan, angering many downtown corporate and real estate figures, as well as the City Council.
Mr. Silverstein has repeatedly argued that he has the means and the ability to build the entire project, at a cost of over $7 billion.
There is only $2.9 billion in insurance money, however. In recent weeks, Mayor Michael R. Bloomberg has said that the developer will run out of money by 2010 after building only two towers, default on his lease and walk away with millions of dollars in profit, leaving the authority without a way to finish the other buildings.
